ECB Commits to Eurozone Bond Buys

The Dow Jones spiked 200 points after the European Central Bank announced its latest effort to deal with the burgeoning continental debt crisis Thursday. ECB head Mario Draghi announced a new program under which the central bank will commit to buy government bonds of troubled eurozone countries, provided that they adhere to certain conditions. Declaring that the “euro is irreversible,” Draghi charted a course for a more robust common currency that relies on “unlimited” buying of bonds by the central bank. Markets around the world rallied Thursday morning in response to Draghi’s appearance.